Challenger says the non-binding and conditional indicative offer from TAL to acquire the remaining ordinary shares in Challenger it does not already own, is not at a level it could recommend to shareholders.
Challenger says in a statement that its Board “…has met and carefully considered the offer, having regard to Challenger’s value and prospects. The Board has concluded the offer is not at a level it could recommend to shareholders.”
TAL is a subsidiary of Daichi Life Group, and Challenger says it “…highly values TAL Daiichi Life Australia as its largest shareholder and a commercial partner, and the Board intends to engage with TDA to see whether a proposal can be reached that the Board could recommend.”
It says: “There is no certainty that the proposal will result in a binding offer or that any transaction will eventuate.”
The indicative offer was by way of a scheme of arrangement at a price of $11.80 per share (see: TAL Proposes Full Challenger Acquisition).
